Grussgott of Meridian Capital Group arranges $8 million in senior financing and $4 million in junior financing for the acquisition of a mixed-use property

New York, NY  Meridian Capital Group, one of America’s most active debt brokers, negotiated a $12 million financing package for the purchase of a mixed-use property located in Brooklyn, NY on behalf of a NY-based real estate investment firm. The five-year financing solution, provided by a local savings bank, features an $8 million senior loan priced at 3.37% and a $4 million junior loan priced at 3.50%. This transaction was negotiated by Meridian Capital Group vice president, Charles Grussgott, who is based in the company’s New York City headquarters. The four-story mixed-use property, located on Livingston Street in Downtown Brooklyn, is composed of 20 apartments and seven retail spaces. “In order to achieve the desired leverage to support the acquisition of this property, Meridian structured a competitively priced A- and B-note structure with a balance sheet lender. This affords the client strategic flexibility in the future along with a favorable prepayment structure,” said Grussgott. “Furthermore, the property’s cash flow was impaired at the time of the purchase due to several below-market leases and Meridian was able to get credit for market-rate rents to boost the proceeds of the loan to the required level,” he added.